But if you buy a $500k property, for example, $100/door might be terrible.

He is constantly parking his vehicle (and others) in the street and works on them all day which I'm pretty sure is illegal while blaring terrible music...

I hired a general contractor who turned out to be unlicensed and did a decent job but was terrible at the paperwork.

MHPs take longer to turn around (you'll need more patient capital), the 3rd party management is terrible, and they are a great investment in any market.  

The math may be correct, but the deal is terrible.

Pass, this sounds like a terrible deal unless I'm misreading it. 200k value and 168k UPB, that means if you had to foreclose (which sounds likely if the guy can't get a loan) then you will at best break even.

My agent was also terrible and if you don't know what you are doing you could wind up getting in big trouble and even if you do it could still come back to bite you. 

As far as the rental income goes, the COC return is nice but your overall CAP is terrible.

@Todd Tyler  Yes, @Joe Cordeira is right, but I wouldn't say interest rates are terribly higher than conventional. 

Along the way I had a two family that I hired one of my old bosses to rehab but I was a terrible landlord.